SOME PEOPLE use the word "disaster" to describe the
American economy and national defense as compared with our chief market competitors and potential military opponents.
They're wrong.
Compared with our rivals, we are in the strongest position and poised to stay that way.
Here's why:
According to The World Bank, for 2015 the U.S. economy was valued at $17.5 trillion. China's was $10.3 trillion, Russia's was $1.8 trillion, Iran's was $425 billion and North Korea's $28 billion.
Trends for 2016 point to the United States continuing its economic dominance. Having overcome the greatest U.S. financial collapse since the 1930s, we are now experiencing the longest streak of private sector job creation in American history, with an unemployment rate of 5 percent. President Ronald Reagan's lowest unemployment rate was 5.4 percent.
Under President Obama, our national deficit for 2015 was 2.5 percent of our gross domestic product. The lowest such deficit rate under Reagan was 4.2 percent.
As for the world's economies, in the last several weeks, China shut down its stock market twice -- due to international reaction to China's then-announced eighth devaluation of its currency. China's economic growth rate is at a nearly 25-year low.
Russia is an economic basket case, bleeding money it doesn't have, in wars in Crimea, Ukraine and Syria. Its economy is projected not to grow at all in 2016. It has an inflation rate of 12 percent, and foreign investors have fled Russia in droves.
Bankrupt And Starving In North Korea
North Korea is bankrupt and starving, relying almost entirely on the misplaced and destructive largess of China. As for Iran, it is about to receive up to $100 billion of its own money that had been frozen under sanctions for years. According to the International Monetary Fund, Iran had an approximately one-half of one percent economic growth rate in 2015. Iran needs at least $150 billion just to restore its oil refineries and hundreds of billions more to get its economy back online.
As Obama has recently pointed out, with regard to our military might, "The United States of America is the most powerful nation on Earth. Period. It is not even close ... No nation dares attack us or our allies because they know that's the path to ruin."
For 2015, military spending per country was as follows: United States: $600 billion, China: $145 billion, Russia: $81 billion, Iran: $30 billion and North Korea: $7.5 billion.
In addition to the overwhelming U.S. advantage in the size of our defense spending, the quality of our military is truly unequaled. The United States has the world's best, proven fighters; the most powerful, cutting-edge military equipment and far superior offensive and defensive cyber capabilities.
The United States also has 10 nuclear-powered aircraft carriers. China has only one, flimsy, non-nuclear-powered carrier. Russia, Iran and North Korea have no aircraft carriers at all. And America has hundreds of stealth bombers and fighter planes that no other nation possesses. We also have the most fearsome and survivable nuclear deterrent on the planet.
Things are not perfect in America. And today, too many Americans are still struggling, feeling job insecurity and trying to live the life they've dreamed of, with stagnant and insufficient wages.
But let us also not forget that, in addition to our economic and military stature, Americans have the most diverse and open society in the world. We enjoy and strive mightily to protect our freedom of religion, freedom of the press, freedom of association, LGBTQ rights and women's rights; to achieve a perfect criminal justice system and to preserve our ability to earn the American Dream.
We Can Do Better
In this noisy and sometimes outrageous presidential campaign cycle, we all know that our country can do better.
We know that we must all strive to work with our fellow Americans to make that happen.
It is equally important to understand and appreciate our relative position as compared with the world's other countries.
Steven R. Rothman is the former eight-term U.S. congressman from New Jersey's 9th Congressional District. He served on the House Appropriations Subcommittee on Defense and the Foreign Affairs and Judiciary committees. Before Congress, Steve was the Bergen County Surrogate Court Judge, as well as the two-term Mayor of the City of Englewood, NJ, and a practicing attorney. Mr. Rothman lives in Englewood, NJ.